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NEWS: South Africa’s financial conduct regulator bulking up to address deficiencies

By Nqobile Dludla and Olivia Kumwenda-Mtambo

South Africa’s financial conduct regulator is taking on more staff and investigations as part of a crackdown on money laundering and terrorism financing after criticism by an international watchdog, the regulator’s commissioner said.

The Financial Sector Conduct Authority (FSCA), which is funded through industry levies, has also tripled its budget for the 2023-24 fiscal year from 2022-23 to finance the expansion, Unathi Kamlana said in an interview.

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